fan. 1  Historical a device for winnowing grain. 2  any device or machine used to set up a current of air for ventilating or cooling; specif., any flat surface moved by hand. a folding device made of paper, cloth, etc. which when opened has the shape of a sector of a circle. 3  anything in the shape of a fan (noun), as the tail of a bird.
In addition, interest on home equity debt can also be deductible. Home equity debt essentially includes any other loan that is secured by your main home or second home. A lower borrowing limit of $100,000 for most taxpayers or half that for married taxpayers filing separately applies to home equity debt. What counts as mortgage interest? The portion of your monthly payment that goes to interest clearly counts as deductible mortgage interest for these purposes.
Using a home equity loan to pay off credit card debt has more benefits that just a lower interest rate. Paying off debt with a home equity loan rather than credit cards can put money back in your pocket. Credit card interest is not deductible, but home equity interest is using a Schedule A. 4. Bunch medical deductions. Many deductions, such as medical expenses, require you to overcome a minimum. For example, only medical expenses that exceed 7.5% of your adjusted gross income are allowed.